My advice is to get a trust instead of going the individual route.
There's nothing cheap about NFA stuff anyway, between the stamps, and the half dozen NFA items you're going to get in the end.
It is a physical impossibility to stop at one NFA item. You're going to end up with 3-5 cans, a couple of short barrel rifles, and if you have the money, something full auto.
So, is it worth the 200-400 bucks for a trust, where you never have to get fingerprinted and fool with that, put pictures in, and worst of all, have to ask permission to own a firearm, when even the intent of the NFA law was not to allow veto power by the local cop, just to ask them if they knew something that has not shown up on an arrest sheet - lots of midnight calls for domestic fights and such.
Plus, you can have others, your wife, family, kids, buddies, etc, all on the trust, then they can use them too.
I'd go the trust route.